NHS vs SPY: Correlation
Measured on weekly returns over the past three years, Neuberger High Yield Strategies Fund Inc. (NHS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHS and SPY?
Across a 3-year window, the weekly returns of NHS and SPY correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.52, with an annualized covariance of 86.2 %².
Out of 10 assets tracked against NHS, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 27.7 percentage points, -7.1% for NHS against +20.6% for SPY.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NHS vs SPY: side by side
| NHS (Neuberger High Yield Strategies Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.1% | +20.6% |
| 5-year return | -7.7% | +82.4% |
| Volatility (ann.) | 13.0% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -17.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 18.25% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | NHS | SPY |
|---|---|---|
| 2022 | -23.0% | -18.2% |
| 2023 | +3.7% | +26.2% |
| 2024 | +11.0% | +24.9% |
| 2025 | +14.8% | +17.7% |
| 2026 | -10.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHS and SPY good diversifiers for each other?
Reasonably. At 0.46, NHS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NHS and SPY?
As of 2026-08-27, the correlation of weekly returns between NHS and SPY is 0.46 over 3 years, 0.49 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for NHS?
Reasonably. At 0.46, NHS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NHS correlations · SPY correlations
